Summary of Manager's Amendment

8/9/2019 Summary of Manager's Amendment

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3/22/10Summary of Managers Amendment

Incorporates Amendment #471 (Dodd), which generally consists of technical andconforming changes throughout the bill, and makes a number of other revisionsincluding the following:

In section 120, requires primary financial regulatory agencies to establish byrulemaking an appeals procedure for entities in their jurisdiction in case suchagencies determine that the standards imposed under the section shouldremain in effect even after the Council recommends that a financial activityor practice no longer requires such standards.

In Section 406, directs the SEC in Sections 206(1) and 206(2) of the AdvisersAct not to count the customers of private funds as clients.

In Section 915, modifies the effective of date of filing for self-regulatory

organization rulemakings from the date of publication on the SRO website tothe date of publication in the Federal Register if the SEC has sent it to theRegister within 15 days.

In Section 922, restricts auditors from receiving whistleblower awards.

In Section 926, provides that the SEC, not the State securities commissioner,will decide whether a security is covered under the stated procedure

In section 1151, deletes the authority of the Federal Reserve to lend undersection 13(3) to financial market utilities that the Financial Stability OversightCouncil determines to be systemically important.

In section 1154, replaces the Financial Stability Oversight Council with theFederal Deposit Insurance Corporation in the determination of liquidityevents.

In section 1155, changes the Secretary of the Treasurys role in establishingregulations for guarantees from concurrence to consultation while stillrequiring Treasury concurrence for terms and conditions, and deleteslanguage authorizing appropriations for the guarantee program.

Incorporates Amendment #59 (Reed), which: (1) amends Sarbanes-Oxley Actregarding the disposition of FAIR Funds to victims of fraud; and (2) increases SIPC

borrowing authority from Treasury from $1 billion to $2.5 billion.

Incorporates Amendment #60 (Reed, as modified) and #61 (Reed), which makeimprovements to the Office of Financial Research.

Incorporates Amendment #70 (Menendez), which requires issuer disclosure of theratio of average worker pay to executive compensation in executive compensationdisclosure section.

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Incorporates Amendment #72 (Menendez), which requires that only shareholder-directed votes be included in the vote tally for advisory shareholder votes onexecutive compensation.

Incorporates Amendment #73 (Menendez, as modified), which amends the Financial

Education and Counseling Grant Program established in HERA by expanding thetarget audience beyond potential homebuyers to economically vulnerableindividuals and families and deletes the 5 organization limit.

Incorporates Amendment #81 (Schumer), a technical change on SEC self-funding.

Incorporates Amendment #93 (Merkley, as modified), which amends the Truth inLending Act to cover transactions of up to $50,000 and allows future adjustmentsfor inflation.

Incorporates Amendment #99 (Merkley, as modified), which increases the next-dayfunds availability amount under the Expedited Funds Availability Act from $100 to

$200, and allows future adjustments for inflation.

Incorporates Amendment #100 (Brown, as modified), which requires the Bureau, inconsultation with other regulators, to establish a process to respond to consumercomplaints in a timely manner, and establishes a Private Education LoanOmbudsman.

Incorporates Amendment #106, (Brown) which requires an SEC study on improvinginvestor access to information including disciplinary actions on investment advisersand broker-dealers

Incorporates Amendment #114 (Bennet), which requires any prepurchase

disclosure mandated by the SEC to be clear and concise regarding costs, risks andintermediary compensation.

Incorporates Amendment #116 (Bennet), which requires the boards of nationallyrecognized statistical ratings organizations to be independent, with special rules forNRSROs which are subsidiaries of larger companies and authority for regulators toexempt small NRSROs.

Incorporates Amendment #117 (Bennet), which clarifies that the prohibition onregulation of the credit rating process does not afford a defense against an SECaction to enforce antifraud provisions of securities laws.

Incorporates Amendment #118 (Akaka), which provides opportunities for unbankedand underbanked individuals to access mainstream financial services, and providesgrants to establish loan-loss reserve funds to help CDFIs defray the costs ofoperating small dollar loan programs.

Incorporates Amendment #125 (Akaka, as modified), which provides consumerprotections for remittance transfers.

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Incorporates Amendment #265 (Reed), which clarifies the definition of originator.

Incorporates Amendment #269 (Kohl, as modified), which requires the ComptrollerGeneral to study the effectiveness of state and federal regulations to protectconsumers from misleading financial advisor designations; current state and federaloversight structure and regulations for financial planners; and legal or regulatory

gaps in the regulation of financial planners and other individuals who provide oroffer to provide financial planning services to consumers.

Incorporates Amendment #395 (Warner, as modified), which inserts a reference to"nonpreempted" State law in the visitorial powers section for national banks andthrifts and makes clear that State attorneys general can enforce nonpreempedState law under the National Bank Act and the Home Owners Loan Act.

Incorporates Amendment #406 (Tester), which clarifies the definition of insurers forpurposes of the data collection authority of the ONI.

Incorporates Amendment #408 (Warner, as modified), #409 (Warner, as modified),and #411 (Warner), which make improvements to the orderly liquidation authority.

Incorporates Amendment #423 (Dodd), which requires the Comptroller General ofthe United States to study conflicts of interest faced by securities underwriters andsecurities analysts working within the same firms.

In section 162, provides the Board of Governors with backup enforcement authority.

In section 206, clarifies that the FDIC will not take an equity interest in or become ashareholder of a covered financial company or a covered subsidiary.

In section 619, makes technical changes and adds a requirement that the Councilstudy whether the proposed prohibitions and restrictions appropriatelyaccommodate the business of insurance conducted within an insurance companysubject to regulation by State insurance company investment laws.

In section 1152, establishes that a credit facility will be deemed terminated 24months after it ceases to extend credit or loans. This will affect the date when theidentities of borrowers can be disclosed.

Incorporates changes requested by the Agricultural Committee to ensure that theentities under the jurisdiction of the Agricultural Committee, such as Farm CreditSystem institutions, do not become subject to additional regulations under the

jurisdiction of the Banking Committee.

Makes a number of additional technical and conforming changes.

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Documents

Summary of Manager's Amendment